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AN ORDINANCE TO PROVIDE FOR THE PAYMENT OF AN ADDITIONAL <br />RETIREMENT ALLOWANCE ADJUSTMENT TO PERSONS RECEIVING A <br />RETIREMENT ALLOWANCE FROM THE FORMER PORTSMOUTH EMPLOYEES <br />SUPPLEMENTAL RETIREMENT SYSTEM. <br /> <br /> BE IT ORDAINED by the Council of the City of <br />Portsmouth, Virginia, that in addition to the retirement <br />allowance adjustment paid by the Virginia Supplemental <br />Retirement System as of July 1, 1988, any person ~eceiving <br />a retirement allowance from the former Portsmouth Employees <br />Supplemental Retirement System now paid by the Virginia <br />Supplemental Retirement System shall receive an additional <br />one-time pension increase computed on the amount of pension <br />paid by the Virginia Supplemental Retirement System as of <br />July 1, 1988. This additional one-time adjustment shall be <br />applied to all such persons as follows: <br /> <br />Retirees who retired: Will receive a pension increase of: <br /> <br />On or before And After Percent <br /> <br />7/1/82 7/1/81 3.68% <br />7/1/81 7/1/80 6.18 <br />7/1/80 7/1/79 8.18 <br />7/1/79 7/1/78 10.68 <br />7/1/78 7/1/77 11.68 <br />7/1/77 7/1/76 11.49 <br />7/1/76 N/A 11.49 <br /> <br /> BE IT FURTHER ORDAINED that the trustees of the <br />Portsmouth Supplemental Retirement System are hereby <br />authorized to make such payment(s) as may be necessary to <br />carry out the intent of this ordinance. <br /> <br />This ordinance shall take effect as of July 1, 1988. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held May 16, 1988. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />